North America

U.S. International Development Finance Corporation announced on Friday that the U.S. would provide reinsurance for losses of up to $20 billion in the Gulf region. This will help oil and gas shipping companies maintain confidence during the war against Iran. The President Donald Trump ordered on Tuesday the DFC to provide financial guarantees and political risk insurance for maritime trade within the Gulf. This was after the transit of?oil tankers and liquefied gas tanks had come to a standstill in the Strait of Hormuz, which is located off Iran. DFC stated that the coverage would be rolled out and initially...

Denmark's Government said on Friday that the ongoing turmoil in the Middle East may prevent some overseas votes from being counted in the country's general election of March 24. The war in Iran has caused major disruptions to global air travel, including the closure of Middle Eastern hubs such as Dubai, Doha, and Abu Dhabi. This has left passengers and cargo stranded. The Ministry of Foreign Affairs said that under these circumstances, it could not guarantee that postal ballots cast in countries affected will arrive on time for general elections. It said that the risk was for 'votes cast' in...

According to traders and ship trackers, at least five crude oil-laden tankers have left Iranian ports since the U.S. airstrikes began on February 28. Liquid petroleum gas supplies were also on their way on Friday. Since the start of the conflict, the Strait of Hormuz has been closed to international shipping. At least nine vessels have been damaged. The Iranian supplies were moving, but at a slower rate. According to the United Against Nuclear Iran (UANI), which monitors Iran-related tanker activity through satellite and ship tracking, at least five crude oil tankers left Iran's Kharg Island major oil terminal between...

As the conflict in the 'Gulf escalates, premiums on maritime insurance for war coverage have risen -- some by over 1000% -- causing a dramatic increase in the cost of transporting energy along a vital maritime corridor. The conflict sparked Saturday by Israeli and U.S. airstrikes against Tehran has paralyzed shipping through the Strait of Hormuz. Iran said on Monday that it would shoot at any ship that tried to pass through the Strait of Hormuz. At least nine vessels in the area have been damaged since the conflict began. Ship owners can claim for any damage their vessel or...

Azerbaijan has evacuated its diplomats to Iran, according to Foreign Minister Jeyhun Bayramov on Friday. This comes a day after Baku claimed that four Iranian drones crossed the border into Azerbaijan and injured four people at Nakhchivan. Bayramov, speaking at a press conference in Baku said that Azerbaijan is evacuating its employees from its embassy in Tehran and consulate in Tabriz. Tabriz is the largest city in Iran's northwestern region, where ethnic Azerbaijanis reside. On the orders of President Ilham Aliyev instructions were given to evacuate our embassy in Tehran, as well as the consulate in Tabriz, from Iran. These...

Hong Kong conglomerate 'CK Hutchison' said Friday that it had 'escalated the legal battle in Panama following the?government seizing its port operations. It has petitioned for a re-examination of the decree behind this takeover. Panama occupied illegally facilities, seized property, and ignored consultations. The company took further legal action at the national and international level. CK Hutchison’s Panama Ports Company, which manages a?two terminals close to the strategically important Panama Canal, has filed an administrative request?seeking reconsideration for the Panamanian executive action, which led to the confiscation of?its property and occupation of its facilities, CK Hutchison stated. Panamanian authorities raided...

Major?U.S. Airlines and travel groups warned Thursday that a partial government shutdown would snarl the air traffic just as spring break, a busy season for U.S. travelers, approaches. The funding for the Department of Homeland Security lapsed in February after Congress failed reach an agreement on immigration enforcement reforms requested by Democrats. This halted funding for several government departments, including the Transportation Security Administration. Around 50,000 TSA airport screeners work without pay. As the'shutdown' continues, more workers may be unable to or unwilling to report to work due to financial hardship. Chris Sununu is the CEO of Airlines for America,...

Ship tracking data revealed on Thursday that Iranian dry bulk'vessels' are trying to transport their cargoes through the Gulf to the export markets for the first time since the U.S. launched an attack? on Iran at the weekend. Since the start of the conflict, international shipping has been largely shut out of Strait of Hormuz. Vessels are wary of being shot at. According to MarineTraffic, two Iran-flagged?bulk ships - the Parshad? and the Parisan? - left Iranian port Bandar Imam?Khomeini? and Bandar Abbas on Thursday and were on water heading towards Kuantan in?Malaysia. The two ships that were sanctioned by...

As trucking capacity is tightening and road haul rates are rising, U.S. rail companies such as CSX Corp., Union Pacific and BNSF are attempting to capture freight from trucks. Low trucking rates and increased flexibility allowed road carriers to capture cargo that would have otherwise been transported by rail. This weighed on?rail volume and limited pricing power. This?dynamic has now shifted, at least temporarly. Freight ?broker ?C.H. Robinson stated that trucking capacity is decreasing as small carriers leave the market, and as federal scrutiny of driver licenses, safety and insurance requirements increases. This added pressure reduces the supply of drivers...

Berkshire Hathaway announced on Thursday that it had begun repurchasing shares after a two-year break. Greg Abel, who succeeded Warren 'Buffett in January as CEO, is putting his stamp on the company. Berkshire began its first stock repurchases on Wednesday. These repurchases may help Berkshire reduce the $373.3 billion cash position at year's end, which has grown because Buffett was unable to find stocks and companies to purchase. Abel revealed that he purchased 21 Berkshire Class A Shares on Wednesday, for $14.6 million. This represents the after-tax equivalent of his salary of $25 million. He plans to make similar purchases...

The Lloyd's market in London is in contact with the United States. The International Development Finance Corporation of the U.S. government is negotiating with Lloyd's Market officials about a plan to provide political risk assurance and guarantees for maritime trade in the Gulf. Lloyd's engages constructively with U.S. Development Finance Corporation, and other relevant stakeholders. The market is focused on maintaining its position as the "global centre for excellence in war risk insurance." A Lloyd's spokesperson stated. Sheila Cameron, CEO of the Lloyd's Market Association (LMA), who represents all underwriting companies in the Lloyd's market, said in a separate statement...

March 5 - Berkshire Hathaway CEO greg abel says that he spoke with his predecessor, warren buffett, before deciding to resume stock repurchases Abel claims that 'berkshires' disclosure of stock repurchases was a once-off event Abel has expressed disappointment in the kraft-heinz investment. However, the new ceo of the food company is taking the right approach when evaluating the future of kraft-heinz. Greg ?abel interview ends Abel claims that his purchase of Berkshire stock is to demonstrate alignment with investors, and he plans to?do it every year Abel claims that Buffett is "in the office" every day and they talk...

A customs official stated in a Friday court filing that the U.S. Customs Agency is preparing a system to refund tariffs imposed by President Donald Trump, which were ruled illegal. Brandon Lord, a Customs and Border Protection officer, made the declaration as government lawyers and a federal trade court met to try and hammer out an agreement for the return of $166 billion worth of tariff payments to 330,000 importers. Last month, the Supreme Court ruled that President Donald Trump's tariffs were unconstitutional. The Supreme Court, however, did not specify how tariffs collected should be refunded. This left'small importers' worried...

DHL's chief executive said he would continue to accept delivery orders for the Middle East, but warned that there could be delays. Tobias Meyer, CEO of German logistics group DHL, said that the escalation in the U.S. - Iran war has an impact on the entire region. This includes deliveries to Israel, which are currently being sent via Cyprus. Meyer said that DHL is still committed to its Middle East?investment plan. He said that "these?are long term investments?and are of the opinion the region is still appealing." As the conflict enters its sixth day, logistics and shipping companies face increasing...

DHL's 2026 outlook is more cautious than analysts' expectations. A 'weak macroeconomic' backdrop weighs heavily on DHL's prospects. The shares of the German logistic group were down 3% at 0919 GMT, and ranked last on the blue-chip index of the country. DHL anticipates that its earnings will exceed 6.2 billion euro ($7.2 billion) this year. This is after it reported an operating profit for '2025 of 6.1 billion euro. According to a consensus provided by the company, EBIT was expected to be slightly lower than analysts' average expectations. Tobias Meyer, CEO of Tobias Meyer Group, said that there is "significant...

DHL, the German logistics company, forecast on Thursday a "higher operating income for 2026" that was in line with market expectations despite deteriorating geopolitical conditions. The company expects earnings before interest and taxes to exceed 6.2 billion euros ($7.2 billion) after reporting 6.1 million euros last year. The free cash flow, excluding acquisitions, should be in the range of 3 billion euros. The company provided a consensus that showed both targets were in line with analysts' average predictions. Tobias Meyer, CEO of Tobias Meyer & Co. said that there is "significant geopolitical uncertainty and volatility out there" as was evident...

The U.S. Postmaster General David Steiner said in an interview that the Postal Service will hire restructuring advisers to address its mounting financial problems. In December, we reported that Steiner believed the Postal Service would run out of cash as soon as 2027. USPS reported net losses of approximately $120 billion between 2007 and now as the volume of first-class mail has dropped to its lowest level since late 1960s. Steiner stated that USPS engaged consulting firm Alvarez & Marsal to assist with planning for any scenario. Steiner said on Thursday that if we don't change anything, "we will run...

Friends began texting him to congratulate him the day after the U.S. Supreme Court ruled against the tariffs which had cost Day?Owl, a backpack company owned by Ian Rosenberger, tens and thousands of dollars. He did not share their joy. Rosenberger said, "I can't imagine any way that I could get the?money back." His Pittsburgh-based firm, which had only a few million dollars of sales, probably couldn't afford to pay for attorneys' fees. Around 2,000 companies have filed lawsuits for refunds at the U.S. Court of International Trade. This includes?FedEx?,?Costco?, and L'Oreal?, with many more likely to follow. The Supreme...

Italy's tax authorities announced on Tuesday that they had seized 27,4 million euros ($31.8 million) from two French units of CEVA Logistics. This is a new chapter in investigations into alleged tax fraud, and illegal labor practices. This move, which targets the French multinational known for its partnership in Ferrari's F1 Team, is similar to other actions taken against Italian logistics and delivery companies, such as FedEx, DHL, Amazon, etc. Milan prosecutors accuse CEVA of issuing fake invoices in order to?mask cheap labour, bypassing labour laws and tax laws and avoiding?taxes and social security payments. CEVA Logistics?did not immediately respond?...

Importers are rushing to a U.S. trade court that is little known to get their share of the more than $130 billion of tariff refunds. The court must now decide how to handle what will be an explosion in cases. According to court records, multinationals like FedEx,?L'Oreal, and hundreds of smaller firms have filed around 2,050?lawsuits with the U.S. Court of International Trade, Manhattan, seeking refunds on?tariffs? imposed by President Donald Trump last year. These cases may be just the tip of the iceberg. The tariffs, which were declared illegal by the Supreme Court in February 2018, were levied against...

A?U.S. A?U.S. The U.S. Court of Appeals, Federal Circuit, issued a single-page order granting importers' motion to return the case?to the Trade Court where it was originally filed in early 2025. The Trump administration opposed the motion, saying it wanted to delay the case for up to 4 months so that it could 'consider its options. The Supreme Court ruled on February 20, 2019 that Trump's tariffs, imposed as part of an economic emergency law, were invalid. The Supreme Court gave no guidance on how to refund the money paid by more than 300,000 imported goods. Trump also said that...

FedEx was sued in federal court on behalf of customers who were seeking refunds after the U.S. Supreme Court decided this month that President Donald Trump had illegally imposed emergency tariffs worth billions of dollar on imported goods. The proposed class-action in federal court in Miami Florida seeks compensation for potentially millions of shippers that paid import duties and other fees on products they claim?should've entered the United States without duty. FedEx issued a statement Friday saying: "If FedEx receives refunds, we will refund the shippers or consumers who initially incurred these charges." The lawsuit filed on Friday alleged that...

These are the 'top stories' on the New York Times 'business?pages. These stories have not been?verified? and we cannot vouch for the accuracy of these reports. Netflix withdraws its $83 Billion bid for Warner Bros. Discovery has cleared the way for Paramount Skydance to make an $111 billion bid?to take control of Hollywood giant Warner Bros. Jack Dorsey, CEO of Twitter, says that new AI tools will make smaller teams more effective. This is one of the biggest AI-driven job cuts in tech history. FedEx has announced that it will refund any tariffs ordered by a court to its customers....

FedEx must explain to the public how it plans to 'pass on any tariff rebates,' said U.S. Treasury Sec.?Scott Bessent after the global shipping firm sued for a refunded of emergency import duties ruled illegitimate by the U.S.?Supreme?Court. Bessent also questioned FedEx Chief Raj Subramaniam in an interview with NBC News on Tuesday evening, but provided no evidence that any wrongdoing had occurred. FedEx is a member of this business group, as are scores of other U.S. firms. FedEx filed suit in the U.S. Court of International Trade on Monday seeking a refund following a ruling by the Supreme Court...